崇达技术(002815) - 2018 Q4 - 年度财报

Financial Performance - The company's operating revenue for 2018 was ¥3,656,090,736.88, representing a 17.84% increase compared to ¥3,102,644,639.42 in 2017[32] - The net profit attributable to shareholders for 2018 was ¥560,569,557.30, which is a 26.28% increase from ¥443,903,084.29 in 2017[32] - The net cash flow from operating activities reached ¥937,752,311.00, marking a 30.66% increase from ¥717,718,817.19 in the previous year[32] - Basic earnings per share for 2018 were ¥0.6792, up 25.48% from ¥0.5413 in 2017[32] - Total assets at the end of 2018 amounted to ¥4,959,588,267.56, a slight increase of 0.33% from ¥4,943,075,389.96 at the end of 2017[32] - The net assets attributable to shareholders increased by 15.11% to ¥2,906,381,730.80 from ¥2,524,833,282.30 in 2017[32] - The company reported a weighted average return on equity of 20.99% for 2018, slightly up from 20.26% in 2017[32] - The net profit after deducting non-recurring gains and losses was ¥535,785,303.31, reflecting a 23.29% increase from ¥434,562,126.65 in 2017[32] Research and Development - The company’s R&D expenses increased by 29.12% year-on-year, exceeding the growth rates of both revenue and net profit[51] - Research and development investment increased by 29.12% to ¥169,851,559.09 in 2018 compared to ¥131,548,417.23 in 2017[81] - The company has developed several core technologies for high-layer PCB products, all of which are in mass production[72] - The company has implemented various self-developed technologies for HDI PCB products, which are also in mass production[74] - The company is focusing on expanding its market presence through new product development and technological advancements[74] - The company has developed multiple proprietary technologies, including high-precision deep drilling control technology and blind hole electroplating technology, all in mass production[76] - New product development includes high-density and high aspect ratio resin plug hole processes, currently in the sample stage[79] - The company is advancing the development of embedded component circuit boards, with technologies for embedded resistors and capacitors in the design phase[79] Market Position and Sales - The company ranked 32nd among the top 100 global PCB companies, improving by 7 positions from 2017[43] - The sales area of large batch orders (over 20 square meters) accounted for 70% of new order amounts in 2018[46] - The company has established stable business relationships with over 1,000 clients across more than 50 countries, indicating significant market potential[46] - The company’s high-frequency and high-speed multilayer boards and rigid-flex boards saw growth rates exceeding 50% in 2018[46] - Domestic sales accounted for 24.07% of total sales in 2018, with a year-on-year increase of 20.79%[52] Cash Flow and Investments - The company’s cash flow from operating activities for Q3 was CNY 279.44 million, showing a strong cash generation capability[36] - In 2018, the company's operating cash flow reached a historical high of 896 million RMB, significantly exceeding net profit, indicating strong cash flow[52] - Investment cash inflow surged by 332.39% to CNY 1,867,973,876.72, primarily due to the redemption of financial products[84] - Cash outflow from investment activities increased by 275.76% to CNY 2,958,470,027.04, mainly for purchasing financial products and equity transfer payments[84] - The net increase in cash and cash equivalents was CNY -860,380,016.58, a decline of 169.35% compared to the previous year[82] Dividend Policy - The company plans to distribute a cash dividend of ¥3.40 per 10 shares (including tax) to all shareholders[5] - In 2018, the total cash dividend amount was RMB 560,569,557.30, which represents 49.88% of the net profit attributable to ordinary shareholders[121] - The company has maintained a stable cash dividend policy of over 30% since 2010, with a proposed cash dividend of 3.40 RMB per 10 shares for 2018[56] - The company has committed to maintaining a minimum cash dividend ratio of 20% during profit distribution[123] Risks and Challenges - The company faces significant challenges due to uncertainties in US-China tariff policies, global economic slowdown, and rising raw material prices[106] - Raw material costs accounted for 72.75% of the company's main business costs in 2018, with significant reliance on materials like copper foil and copper-clad laminates[108] - The company’s foreign sales account for over 70% of its main business revenue, primarily settled in USD, making it sensitive to exchange rate fluctuations[109] Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[182] - The total discharge of total nitrogen is reported at 4832.23 kg, with a concentration of 12.73 mg/L[182] - The company has implemented measures to ensure compliance with local pollution discharge standards, with no reported exceedances[182] - The company has committed to enhancing its poverty alleviation efforts by providing more job opportunities for impoverished students[181] - The company has set up a scholarship fund named "Chongda Vocational Education Scholarship" to support students from impoverished backgrounds[181] Corporate Governance - The company has established a policy to avoid conflicts of interest and ensure fair pricing in related party transactions, protecting shareholder interests[132] - The company has committed to maintaining transparency and accountability in its financial disclosures, ensuring no misleading statements or omissions[132] - The company’s board of directors is required to approve any buyback plans, ensuring governance and oversight in financial decisions[130] Subsidiaries and Acquisitions - Shenzhen Chongda, a subsidiary, reported total assets of RMB 1,651,140,801.66 and net profit of RMB 166,467,656.33[101] - Jiangmen Chongda, another subsidiary, had total assets of RMB 2,489,288,840.32 and net profit of RMB 385,925,118.41[101] - The company invested 180 million RMB to acquire a 20% stake in Shenzhen San De Guan Precision Circuit Technology Co., Ltd., with plans to acquire an additional 40% stake within 12 months under certain conditions[196]